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Acts passed by the General Assembly of the State of North Carolina [1834-1835]

TREASURER'S REPOR'P. i-f)7^
as the first discount day; since vhich time the institution has been doing business, at the
Principal Bank, in the usual and reguJar manner, aflording, it is confidently believed the
appropriate facilities and relief to the commuDiiy anticipated from its operations.
in subscribing for stock, and making payments ihereon, in behalf of the State, an effort
has been made so to regulate the payments as, at all times, to avail the Treasury of the use
of its entire means, without inducing the necessity of borrowing to meet the current demands
at the olfice. AViih (his vieiv, as will be perceived by the Committee of Finance, the cash ia
the Treasury, at the period immediately preceding ihe receipt of the annual revenue from the
Sherifts, was reduced to the lowest practicable amount, consistent with the public sal'eiv and
economy. And under a suict and cautious observance of this policy, it has not been found
necessary, or thought expedient, by the Public Treasurer, to exercise the authority given by
the act supplemental to the new bank charter, to borrow money at his discretion in behalf of
the State. Such authority, however, is useful, though not exercised, inasmuch as it affords s,
security and protection to the Department in veniuriog to the full extent of its available
means. There is not a prospect, from the present resources of the Treasury, of being able to
pay for the amm>nt of stock which the tiate has reserved the privilege of "taking, wiihiu the
time limited for doing so. In the event that no provision is made by the Legislature, the
right will expire on the 1st January, 1&37.
At the meeting of ihe stockholders of the new bank, in August, branches were established'
at Newbern and Tarborough, and ageiicies at Milton, Leaksville. Charlotte, and Morganton.
At the two first named places, branches have gone into operation, put to enable the agenciee
to do so safely, according to the true intent and meaning of the charter, it is believed that-some
further action of the Legislature will be necessary. The operation of the agencies will
therefore, be delayed until such an amendment can he elTected. The difliculty alluded to,'
grows out of the phraseology of the 2(jth section of the act incorporating the Bank. In that
section, the word •' agencies" is omitted where it should follow the word " branches," thereby
withholding from the Bank what was no doubt intended to be conferred, to wit : the privileo-e
of discounting notes payable at its agencies. In connection with this subject, it is also thought
proper to suggest the expediency of diiecting the public deposites now made in the Bank of
Newbern and in the old State Bank, to be hereafter made in the Bank of the Slate. They
are, of course, not wanted by the Banks winding up, and might be advantageous to the new
institution. It is also a public coiivenience to have them placed in an institution in active
business.
The great loss of revenue, and the fraudulent practices growing out of the present mode of
listing and assessing property for taxation in this State, were brought to the attention of the-
Legislature in the last annual report from this depirtment. Since that time some pains have
been taken to ascertain the amount of the evil, where it exists, and the remedy. Under the
existing law, passed in 1819, ' every person bound to li,st lands shall return Lis 'list upon oath,
<isit respects thn numUr of acres, and shall affix the value to each tract of land, including the
improvements thereon, iwt hss than the value affixed to the same bij th^i assessors wider the last act
of Congress, pruvidiufr fur the assessma?t of ike lands of the Unittkl Statr:s"—(January, 1615.)
In any event, then, the valuation on the tax list, should be equal to that of 1815, and higher
where an appreciation in the value has occurred since that time, either from improvement's on
the land or otherwise. The aggregate valuation ot the lands in North Carolina at the period
referred to, was, in round numbers, fifty three and a half millions of dollars. Since that time,
and up to the first of the year 183o—1,219,75^ acres of land have been entered and patented
in the State, making an increase, by that number of acres, of the amount now liable to pay
tax. These land-: estimated at the average in 1815, and added to that valuaiiou, make au
aggregate of mure ihanyi'/'/// si.r millions of dollars. Hence it is manifest that the a>9es3ment
of 1833, upon which the tax received this year wis collected, ought, at leastlu be equal to that
sum, yielding a nett tax of mure than thirty one thousand dollars; and if the aiscssmeut
^(*re made strictly according to the requirements of the act of 1819, it must necessarily be
greater, unless reduced by the Board of Appeal constituted by that act.
But Tet us compare this result with the actual as.sessment in 1833. According to the clerk's
returns, and the lax colletncd thereon, the aggregate valuation of the land.s in North Carolina
M less than forty three raillioDo— showing a deficit in the valuation, at the lowest estimate, of-more
than thirteen millions ; the nett tax accruing upon which would be near eight thousand
dollars, or about one third of the whole tax at present collected on real estate. It is a fact
vorth noting in this place, that the land tax has been gradually and' invariaUij diminishing
for every .successive year since the year 1820, when the present rate of taxation was adopted.
From the data collected on this subject a table has been compiled, which, it is believed, embra-ces
all the information worth the attention of the Legislature. It shows the valuation in eack
county in ^815 and in 1833, in Ihe aggregate, and the average per acre—the number of acres
at each period—the number entered since—the aggregate valuation of the whol^—and the
jjQlt acoount of ia.x that wouW ari^a thercfrora» I5fotv.'iili8tan4ing the intmcuscly dapreciatcjt

TREASURER'S REPOR'P. i-f)7^
as the first discount day; since vhich time the institution has been doing business, at the
Principal Bank, in the usual and reguJar manner, aflording, it is confidently believed the
appropriate facilities and relief to the commuDiiy anticipated from its operations.
in subscribing for stock, and making payments ihereon, in behalf of the State, an effort
has been made so to regulate the payments as, at all times, to avail the Treasury of the use
of its entire means, without inducing the necessity of borrowing to meet the current demands
at the olfice. AViih (his vieiv, as will be perceived by the Committee of Finance, the cash ia
the Treasury, at the period immediately preceding ihe receipt of the annual revenue from the
Sherifts, was reduced to the lowest practicable amount, consistent with the public sal'eiv and
economy. And under a suict and cautious observance of this policy, it has not been found
necessary, or thought expedient, by the Public Treasurer, to exercise the authority given by
the act supplemental to the new bank charter, to borrow money at his discretion in behalf of
the State. Such authority, however, is useful, though not exercised, inasmuch as it affords s,
security and protection to the Department in veniuriog to the full extent of its available
means. There is not a prospect, from the present resources of the Treasury, of being able to
pay for the amm>nt of stock which the tiate has reserved the privilege of "taking, wiihiu the
time limited for doing so. In the event that no provision is made by the Legislature, the
right will expire on the 1st January, 1&37.
At the meeting of ihe stockholders of the new bank, in August, branches were established'
at Newbern and Tarborough, and ageiicies at Milton, Leaksville. Charlotte, and Morganton.
At the two first named places, branches have gone into operation, put to enable the agenciee
to do so safely, according to the true intent and meaning of the charter, it is believed that-some
further action of the Legislature will be necessary. The operation of the agencies will
therefore, be delayed until such an amendment can he elTected. The difliculty alluded to,'
grows out of the phraseology of the 2(jth section of the act incorporating the Bank. In that
section, the word •' agencies" is omitted where it should follow the word " branches," thereby
withholding from the Bank what was no doubt intended to be conferred, to wit : the privileo-e
of discounting notes payable at its agencies. In connection with this subject, it is also thought
proper to suggest the expediency of diiecting the public deposites now made in the Bank of
Newbern and in the old State Bank, to be hereafter made in the Bank of the Slate. They
are, of course, not wanted by the Banks winding up, and might be advantageous to the new
institution. It is also a public coiivenience to have them placed in an institution in active
business.
The great loss of revenue, and the fraudulent practices growing out of the present mode of
listing and assessing property for taxation in this State, were brought to the attention of the-
Legislature in the last annual report from this depirtment. Since that time some pains have
been taken to ascertain the amount of the evil, where it exists, and the remedy. Under the
existing law, passed in 1819, ' every person bound to li,st lands shall return Lis 'list upon oath,
9es3ment
of 1833, upon which the tax received this year wis collected, ought, at leastlu be equal to that
sum, yielding a nett tax of mure than thirty one thousand dollars; and if the aiscssmeut
^(*re made strictly according to the requirements of the act of 1819, it must necessarily be
greater, unless reduced by the Board of Appeal constituted by that act.
But Tet us compare this result with the actual as.sessment in 1833. According to the clerk's
returns, and the lax colletncd thereon, the aggregate valuation of the land.s in North Carolina
M less than forty three raillioDo— showing a deficit in the valuation, at the lowest estimate, of-more
than thirteen millions ; the nett tax accruing upon which would be near eight thousand
dollars, or about one third of the whole tax at present collected on real estate. It is a fact
vorth noting in this place, that the land tax has been gradually and' invariaUij diminishing
for every .successive year since the year 1820, when the present rate of taxation was adopted.
From the data collected on this subject a table has been compiled, which, it is believed, embra-ces
all the information worth the attention of the Legislature. It shows the valuation in eack
county in ^815 and in 1833, in Ihe aggregate, and the average per acre—the number of acres
at each period—the number entered since—the aggregate valuation of the whol^—and the
jjQlt acoount of ia.x that wouW ari^a thercfrora» I5fotv.'iili8tan4ing the intmcuscly dapreciatcjt